FCA Publishes Discussion Paper on the Regulation of DLT: "The FCA continues its ‘wait-and-see’ approach before considering changes to its framework. It will instead explore emerging business models and continue to help innovators test-bed solutions in its regulatory sandbox.
The FCA remains technology neutral/ agnostic but it is encouraging to note its approach to resilience and openness to regulating on technology outcomes, in line with statutory objectives.
The paper also recognises that DLT is not a panacea and that market outcomes like faster payments could be delivered by other technologies. It is indicative however of an increasingly mature approach to technology risk and the paper does recognise DLT’s innovative potential for record-keeping and efficiency.
With a voluntary standards process also underway and increasing regulatory accommodation, end-users will be more accepting of the increasing trust that DLT affords, allowing benefits around efficiency, transparency and provenance to be fully realised. This much is very encouraging for UK DLT and cements the UK’s position as a global fintech hub with a forward-looking regulatory regime." 'via Blog this'
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